Windsor-Essex is being predicted to lead the nation in 2018 with the highest percentage increase in housing prices, according to the annual housing market outlook report by REMAX Realty released on Thursday.
The REMAX report includes 32 regions across Canada. Oakville is projected to have the second-highest increase this year at 7.5 per cent, while Montreal is projected to be third at seven per cent.
The average sales price in the Windsor area for the year 2017 was $263,302 and estimated by REMAX to jump this year to $286,999. It’s a huge leap from a few years back in 2014 when the average local home sales price was $192,124, according to the report.
The price increase is being driven by “move-up buyers” looking to purchase a residence of greater value than what they currently own, the REMAX report said.
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